EBS is an SEC-registered investment adviser with its principal place of business located in a suburb of Dayton, Ohio. EBS began conducting business in 1993. There are no single individuals or entities that own 25% or more of this company; however, the following individuals are considered principals of the firm: Ronald L. Eubel; Mark E. Brady; Robert J. Suttman II; Scott E. Lundy; Kenneth E. Leist; Paul D. Crichton; Matthew D. DiCicco; S. Dawn Warrick; Dawn E. Kramer and Chase M. Oakley. EBS offers the following advisory services to our clients: INVESTMENT SUPERVISORY SERVICES ("ISS") INDIVIDUAL PORTFOLIO MANAGEMENT EBS provides continuous discretionary investment advice to clients regarding the investment of their funds based on their individual needs. Through personal discussions, we determine the client’s individual goals and objectives, investment time horizons, risk tolerance, and liquidity needs. As appropriate, we also review and discuss a client's prior investment history, as well as family composition and background. After the data- gathering process, client portfolios will typically be managed in one or more of the styles described below, with security selections determined by the Research Group (further described in Item 13): All Cap Value Style seeks growth of capital by investing in equity securities of companies of all sizes with market capitalizations generally within the Russell 3000 Index which management believes to be undervalued. Equity holdings will generally be between 90 - 100% of the portfolio, but may be less under certain market conditions.* Large Cap Value Style seeks growth of capital by investing in equity securities of companies with market capitalizations generally within the Russell Top 200 Index which management believes to be undervalued. Equity holdings will generally be between 90 - 100% of the portfolio, but may be less under certain market conditions.* Mid-Large Cap Value Style seeks growth of capital by investing in equity securities of companies with market capitalizations generally within the Russell Top 200 Index and the Russell Mid Cap Index which management believes to be undervalued. Equity holdings will generally be between 90 - 100% of the portfolio, but may be less under certain market conditions.* * For all Equity management styles, the Eubel Brady & Suttman Income and Appreciation Fund (“EBS Income & Appreciation Fund”) will, at the discretion of the Research Group, be utilized in lieu of holding excess cash or money market fund positions in certain market conditions. Balanced 80 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 65 - 95% Equity and 5 - 35% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 70 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 55 - 85% Equity and 15 - 45% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 60 Style seeks to conserve the investors’ initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 45 – 75% Equity and 25 – 55% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 50 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 35 - 65% Equity and 35 - 65% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 40 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 25 - 55% Equity and 45 - 75% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 30 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 15 - 45% Equity and 55 - 85% Fixed Income / Money Market.** Equity exposure may be less under certain market conditions. Balanced 20 Style seeks to conserve the investors' initial principal, pay current income and promote long-term growth of both the principal and income. Equity securities generally have market capitalizations within the Russell 3000 Index which management believes to be undervalued. Fixed income securities do not necessarily conform to a single index. The asset allocation will generally be 5 – 35% Equity and 65 - 95% Fixed Income / Money Market.** ** For all Balanced management styles, EBS generally deems preferred stock, convertible preferred stock, and convertible bonds to be fixed income investments. In addition, short term bond funds, as well as the EBS Income & Appreciation Fund and Eubel Brady & Suttman Income Fund (“EBS Income Fund”) will be utilized for the Balanced management styles/strategies. EBS Income & Appreciation Style seeks to provide total return through a combination of current income and capital appreciation by investing in the EBS Income & Appreciation Fund. Allocation will generally be 90 -100% to this Fund. EBS Income Style seeks to conserve the investors’ initial principal and pay current income by investing in the EBS Income Fund. Allocation will generally be 90 - 100% to this Fund. Mutual 100 Style seeks growth of capital by investing in mutual fund companies that generally share similar investment philosophies with EBS. The defining factors for fund selection include consistency of investment philosophy, stable management, low turnover, and performance over a long time horizon. Allocation will generally be between 95 - 100% in equity mutual funds. Mutual 75 Style seeks to conserve the investors’ initial principal and promote long-term growth of both the principal and income by investing in mutual fund companies that generally share similar investment philosophies with EBS. The defining factors for fund selection include consistency of investment philosophy, stable management, low turnover, and performance over a long time horizon. Allocation will generally be between 70 - 80% in equity mutual funds and 20 - 30% in fixed income mutual funds.*** Mutual 50 Style seeks to conserve the investors’ initial principal and promote long-term growth of both the principal and income by investing in mutual fund companies that generally share similar investment philosophies with EBS. The defining factors for fund selection include consistency of investment philosophy, stable management, low turnover, and performance over a long time horizon. Allocation will generally be between 40 - 60% in equity mutual funds and 40 - 60% in fixed income mutual funds.*** Mutual International Style seeks growth of capital by investing in international mutual fund companies that generally share similar investment philosophies with EBS. The defining factors for fund selection include consistency of investment philosophy, stable management, low turnover, and performance over a long time horizon. Allocation will generally be between 95 - 100% in equity international mutual funds. Money Market Style seeks to conserve the investors’ initial principal and pay current income. Allocation will generally be between 90 - 100% in money market mutual funds. *** Where possible, EBS will generally use its mutual funds for the fixed income component of the Mutual 75 and Mutual 50 styles. While no investment strategy is free from risk, the level of risk ascribed to each strategy is generally defined by the ratio of equity to fixed income. A strategy with more equity exposure is typically viewed as riskier than one with less equity exposure. However, this is an imperfect assumption because there are various kinds of risk. For example, less equity exposure may reduce the risk of loss due to a decline in equity prices, yet increases the risk of inflation eroding your purchasing power over time. Our investment recommendations are not limited to any specific product or service offered by a broker-dealer or insurance company and will generally include advice regarding the following securities:
• Exchange-listed funds and securities
• Securities traded over-the-counter
• Foreign issuers
• Warrants
• Corporate debt securities (other than commercial paper)
• Commercial paper
• Certificates of deposit
• Municipal securities
• Variable annuities
• Mutual fund shares
• United States governmental securities
• Options contracts on securities
• Interests in partnerships investing in real estate
• Private placements offered by firms that meet EBS's investment criteria Clients may impose reasonable restrictions on investing in specific securities, however, EBS does not accept client restrictions on the types of securities that may be held within mutual funds purchased for client portfolios. In certain circumstances, and when consistent with its fiduciary duties, EBS may determine that certain types of securities, or securities within certain industries, should not be held in the portfolios of certain types of clients, even though the client has not restricted such purchases. For example, adverse tax consequences could

exist for certain types of clients if securities generating Unrelated Business Taxable Income were included in those clients' portfolios. Under these circumstances, holdings may differ among clients investing in the same management style. Retirement Plan or Individual Retirement Accounts: When EBS provides investment advice to a client’s retirement plan or individual retirement account, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. The way EBS makes money creates some conflicts with the client’s interests, so we operate under a special rule that requires us to act in the client’s best interest and not put EBS’s interest ahead of the client’s. EBS may assist a 401(k) plan in identifying appropriate funds for its plan offerings. When appropriate to the needs of the plan, EBS may offer one or more EBS-managed portfolios as investment selections. In addition, EBS may provide consulting (non-discretionary) services as it relates to advice and recommendations on certain matters pertaining to the investment of plan assets. These services are separate and distinct from EBS’s discretionary investment management services. Potential Additional Retirement Services Provided Outside of the Agreement: In providing services to Retirement Plans, EBS may establish a client relationship with one or more plan participants or beneficiaries. Such client relationships develop in various ways, including, without limitation: 1) as a result of a decision by the participant or beneficiary to purchase services from EBS not involving the use of plan assets; 2) as part of an individual or family financial plan for which any specific recommendations concerning the allocation of assets or investment recommendations relate exclusively to assets held outside of the plan; or 3) through an Individual Retirement Account rollover (“IRA Rollover”). EBS will not, however, solicit services from plan participants or beneficiaries when providing services to a Retirement Plan. If EBS is providing services to a Retirement Plan, EBS may, when requested by a plan participant or beneficiary, arrange to provide services to that participant or beneficiary through a separate agreement that excludes any investment advice on plan assets (but may consider the participant’s or beneficiary’s interest in the plan in providing that service). If a plan participant or beneficiary desires to affect an IRA Rollover, EBS may provide the participant or beneficiary with a written explanation of the options available to the plan participant or beneficiary. Any decision to affect the rollover (or about what to do with the rollover assets) remains solely with the participant or beneficiary. Community Foundation Accounts: EBS may provide advisory services to one or more community foundations. Should charitable giving be appropriate for and desired by a client, EBS may suggest the use of the charitable funds for which it is one of several investment managers. EBS receives no compensation from the community foundations for suggesting their use. If a client chooses to contribute assets through a community foundation and also designates EBS to manage that client’s community foundation account, EBS will receive typical compensation from the client for managing those assets. No client is obligated to use a community foundation suggested by EBS for charitable giving or to use EBS to manage assets in a community foundation account. Financial Planning Services: EBS may offer financial planning services to existing clients and prospective clients (if certain criteria are met) to assist in areas such as retirement planning, estate planning, educational planning, and cash flow planning. No fees are charged for these services. Other Services: In addition to the services described above, EBS, either independently or with certain professional partners, may assist existing and prospective clients with ancillary services that include, but are not limited to: business succession planning; aviation planning; and behavioral assessments. No fees are charged for these services and they are separate and distinct from the firm’s discretionary investment management services. In certain circumstances, EBS may refer clients to unaffiliated service providers. Upon client request, EBS may further recommend to clients that a portion of their investment portfolio be managed on a discretionary basis by one or more unaffiliated money managers or investment platforms (“External Managers”). The client may be required to enter into a separate agreement with the External Manager(s), which will set forth the terms and conditions of the client’s engagement of the External Manager. EBS generally renders services to the client relative to selecting External Managers who manage money on a discretionary basis. EBS also assists in establishing the client’s investment objectives for the assets managed by External Managers, monitors and reviews the account performance and defines any restrictions on the account. The investment management fees charged by the designated External Managers, together with the fees charged by the corresponding designated broker-dealer/custodian of the client’s assets, are exclusive of, and in addition to, the annual advisory fee charged by EBS. Tracking Accounts: For the convenience of prospective or current clients, EBS may open an unmanaged, non-fee paying brokerage account (“tracking account”) to hold non- recommended securities, cash, or a combination thereof. If the account holder (or an authorized agent for the account) directs EBS to purchase or sell a security in their tracking account, EBS will do so in a non-fiduciary capacity on a reasonable efforts basis. Furthermore, EBS will generally not monitor or file class action claims or vote proxies for securities held in tracking accounts. Limited Liability Companies (LLCs) While EBS may introduce these limited liability companies to qualified EBS clients who are interested in these types of investments, EBS will not recommend investments in them as part of EBS's discretionary management services. No client is obligated to invest in any of these limited liability companies. EBS Senior Living Fund, LLC (“SLF”), managed by EBS, was formed to develop, own, and operate senior living communities with operators. SLF does not invest in securities held in EBS-managed portfolios and SLF will not be held in portfolios managed by EBS. The books and records of the company are audited annually by an independent accounting firm registered with the Public Company Accounting Oversight Board (PCAOB) and a copy of the Auditor’s report is provided to the Members. EBS is the Manager of EBS Residential Development Fund, LLC ("ERDF"), which invests in developed lots and undeveloped land zoned for single family residential real estate located primarily within a 100 mile radius around Cincinnati, Ohio, including Indianapolis, IN and Columbus, OH. ERDF does not invest in securities held in EBS-managed portfolios and ERDF will not be held in portfolios managed by EBS. The books and records of the company are audited annually by an independent accounting firm registered with the PCAOB and a copy of the Auditor's report is provided to the Members. EBS is the Manager of EBS Residential Development Fund II, LLC (“ERDF2”), which invests in developed and undeveloped land zoned for single family residential real estate. ERDF2 does not invest in securities held in EBS-managed portfolios and ERDF2 will not be held in portfolios managed by EBS. The books and records of the company are audited annually by an independent accounting firm registered with the PCAOB and a copy of the Auditor’s report is provided to the Members. EBS Residential Development Fund III, LLC (“ERDF3”), managed by EBS, invests in developed and undeveloped land zoned for residential real estate. ERDF3 does not invest in securities held in EBS-managed portfolios and ERDF3 will not be held in portfolios managed by EBS. The books and records of the company are audited annually by an independent accounting firm registered with the PCAOB and a copy of the Auditor’s report is provided to the Members. EBS Residential Development Fund IV, LLC (“ERDF4”), managed by EBS, invests in developed and undeveloped land zoned for residential real estate. ERDF4 does not invest in securities held in EBS-managed portfolios and ERDF4 will not be held in portfolios managed by EBS. The books and records of the company are audited annually by an independent accounting firm registered with the PCAOB and a copy of the Auditor’s report is provided to the Members. Some of the principals of EBS are members of EBS Investments, Ltd. ("EBSI”). The company primarily invests in real estate and private companies. EBSI does not have general partner or managing member interests in entities for which EBS solicits its clients' participation. Investment Companies EBS is the investment adviser to the EBS Income & Appreciation Fund (“EBSZX”) and the EBS Income Fund (“EBSFX”), each a series of the Eubel Brady & Suttman Mutual Fund Trust (“Trust”). The Trust, and therefore each Fund, satisfies the criteria of a Qualified Institutional Buyer (“QIB”). A QIB is an entity that manages at least $100 million of securities on a discretionary basis. As QIBs, the Funds are eligible to purchase investments that may not be available to individual clients. Only EBS clients may invest in the Funds, and only Charles Schwab custodial accounts and certain bank accounts are currently eligible to hold shares of the Funds (although other custodians may be eligible to hold shares of the Funds in the future). Please see Item 5 “Termination of the Advisory Relationship” for additional information regarding termination of accounts holding shares of EBSZX and/or EBSFX. EBS will generally use EBSZX in managing portfolios within the EBS Income & Appreciation Style and EBSFX in managing portfolios within the EBS Income Style, and either or both Funds in managing the non-equity portion of its Balanced, Mutual 75 and Mutual 50 Styles. Accounts not eligible to hold shares of the Funds may be adversely affected. In addition, at the discretion of the Research Group and in certain market conditions, EBSZX will be utilized in lieu of holding excess cash or money market fund positions in its Equity Styles (All Cap Value, Large Cap Value and Mid-Large Cap Value). AMOUNT OF MANAGED ASSETS As of 12/31/2023, we were actively managing $1,975,010,865 of clients' assets on a discretionary basis, which includes the assets held in the EBS Income & Appreciation Fund and the EBS Income Fund (the “Funds”), along with shares of the Funds held in separately managed accounts.